Cortland Acquires UK Multifamily Firm
- Aug 06, 2019
Multifamily investment firm Cortland has announced its acquisition of LIV Group, a real estate firm based in the U.K. that specializes in the multifamily sector, or as it is known in the U.K., build-to-rent. The Atlanta-based firm purchased the company for an undisclosed sum.
Cortland’s purchase comes on the heels of the company’s $1.2 billion acquisition of Canadian REIT Pure Multi-Family last month. LIV Group, based in Leeds, England, was one of the first companies to enter the BTR sector and has around 7,000 units in the pipeline, which are expected to be completed by the end of 2021. The company manages 617 private rented sector units for individual landlords and 1,445 BTR units for large home providers, according to the firm.
The acquisition will include LIV Group’s residential block management business, which provides management services to close to 8,000 leasehold properties—from smaller suburban blocks to flagship properties in central business districts. Graham Bates and Helen Peace, co-founders of LIV Group, will stay with the business and continue to be stakeholders.
In 2017, Cortland, which owns more than 55,000 rental apartments in 18 cities across the U.S., opened its first U.K. office. The company has plans to invest around $4.9 billion in the region and build a portfolio of at least 10,000 managed homes for rent in Britain. The firm will also offer third-party management services for other key investors and operators.
Last month, CBRE announced its expansion of Trammell Crow Co.’s real estate development business into the U.K. with the acquisition of Telford Homes, a multifamily developer based in London. The move will allow CBRE to boost its presence in the U.K.’s growing build-to-rent sector.